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1. Company Snapshot

1.a. Company Description

FTAI Infrastructure Inc.focuses on acquiring, developing, and operating assets and businesses that represent infrastructure for customers in the transportation and energy industries.It operates a multi-modal crude oil and refined products terminal, and other related assets.


The company also has a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system, and multiple industrial development opportunities; and a 1,660-acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant under construction.In addition, it operates five freight railroads and one switching facility.FTAI Infrastructure Inc.


was incorporated in 2021 and is based in New York, New York.FTAI Infrastructure Inc.(NasdaqGS : FIP) operates independently of Fortress Transportation and Infrastructure Investors LLC as of August 1, 2022.

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1.b. Last Insights on FIP

The recent 3-month performance of FTAI Infrastructure Inc. was negatively impacted by the absence of a recent earnings release, which typically provides insight into the company's financial health. The last earnings announcement was for Q4 2024, and the subsequent silence has likely contributed to investor uncertainty. Furthermore, the announcement of the Q1 2025 earnings release date on April 14, 2025, suggests that the company may be experiencing delays in reporting its financial results, which could be a cause for concern.

1.c. Company Highlights

2. FTAI Infrastructure Delivers Strong Q4 2024 Earnings with Robust Growth Across Segments

FTAI Infrastructure reported a solid financial performance for the fourth quarter of 2024, driven by strong execution across its core business units. The company posted adjusted EBITDA of $127.6 million for the full year, reflecting a 19% year-over-year increase from $107.5 million in 2023. This growth was broad-based, with all four segments contributing positively. Management highlighted that the company has a clear line of sight to $195 million of incremental annual EBITDA from executed contracts, positioning it for continued momentum in 2025. The Board also authorized a quarterly dividend of $0.03 per share, reinforcing its commitment to returning value to shareholders.

Publication Date: Mar -09

📋 Highlights
  • Dividend Authorization and EBITDA Growth: The Board authorized a $0.03 per share quarterly dividend, while adjusted EBITDA for 2024 rose to $127.6 million from $107.5 million in 2023, driven by growth across all four core business units.
  • Long Ridge Acquisition and Refinancing: Long Ridge completed a $189 million acquisition of a 49.9% stake, funded through a mix of convertible preferred stock, cash, and long-term debt, adding $160 million of annual EBITDA.
  • Repauno Phase 2 Expansion: Repauno signed an additional contract for Phase 2, increasing contracted volumes to 40,000 barrels per day, representing $50 million of annual EBITDA, with construction expected to complete in mid-2026.
  • Jefferson Terminal Growth Potential: Jefferson Terminal secured $25 million of long-term annual EBITDA starting in 2025 and is in advanced negotiations for additional contracts that could increase annual EBITDA to $120 million.
  • Transtar Revenue and M&A Pipeline: Transtar posted Q4 revenue of $43.3 million and adjusted EBITDA of $19.4 million, with expectations of 15% to 20% organic EBITDA growth in 2025, supported by a strong M&A pipeline.

Long Ridge and Repauno Lead the Charge

The Long Ridge segment was a standout performer, completing a strategic debt refinancing and acquiring a 49.9% stake, which is expected to contribute $160 million of annual EBITDA. This includes a $15 per megawatt-hour price increase, higher capacity revenue, and incremental EBITDA from gas sales. The $189 million transaction was funded through a combination of convertible preferred stock, cash, and long-term debt. Meanwhile, the Repauno segment signed an additional contract for Phase 2, increasing contracted volumes to 40,000 barrels per day, representing $50 million of annual EBITDA. Construction is on track for completion in mid-2026, with the potential for up to $70 million of annual EBITDA once operational.

Jefferson and Transtar Show Promising Growth

Jefferson Energy terminals are set to generate $25 million of long-term annual EBITDA starting in 2025 under three new contracts. The segment is also in advanced negotiations for additional contracts involving conventional and renewable products, which could elevate its annual EBITDA to $120 million. Transtar, the company’s railcar leasing business, reported Q4 revenue of $43.3 million and adjusted EBITDA of $19.4 million. Management expects 15% to 20% organic EBITDA growth in 2025, supported by M&A opportunities. Six potential transactions are currently under discussion, representing over $100 million of annual EBITDA.

Valuation and Debt Management

Ken Nicholson, CEO, emphasized the company’s strong positioning for 2025, noting, “We have the strongest pipeline since the company’s spin-off, with potential annual EBITDA exceeding $400 million if opportunities are successfully converted.” This optimism, coupled with the company’s disciplined approach to capital allocation, positions FTAI Infrastructure as a compelling investment in the infrastructure space.

3. NewsRoom

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FTAI Infrastructure Inc. Announces Approval from the U.S. Surface Transportation Board for Control of The Wheeling Corporation and The Wheeling & Lake Erie Railway Company

Dec -01

Source: globenewswire.com

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First Eagle Small Cap Opportunity Fund Q3 2025 Portfolio Review

Nov -20

Source: seekingalpha.com

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FTAI Infrastructure Inc. $FIP Stock Holdings Lifted by Y Intercept Hong Kong Ltd

Nov -05

Source: defenseworld.net

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FTAI Infrastructure Inc. (FIP) Q3 2025 Earnings Call Transcript

Oct -31

Source: seekingalpha.com

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FTAI Infrastructure Inc. Reports Third Quarter 2025 Results, Declares Dividend of $0.03 per Share of Common Stock

Oct -30

Source: globenewswire.com

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Dimensional Inflation-Protected Securities ETF (NYSEARCA:DFIP) Short Interest Update

Oct -30

Source: defenseworld.net

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Critical Analysis: City Developments (OTCMKTS:CDEVY) versus FTAI Infrastructure (NASDAQ:FIP)

Oct -24

Source: defenseworld.net

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Repauno Port & Rail Terminal Receives Approval for Phase 3 Development

Oct -20

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.16%)

6. Segments

Railroad

Expected Growth: 4.83%

FTA Infrastructure Inc.'s railroad segment growth of 4.83% is driven by increasing demand for freight transportation, expansion of e-commerce, and rising industrial production. Additionally, investments in infrastructure development, growing crude oil transportation, and a strong focus on operational efficiency also contribute to this growth.

Ports and Terminals - Jefferson Terminal

Expected Growth: 4.83%

FTA Infrastructure Inc.'s Jefferson Terminal, a leading Ports and Terminals segment, exhibits a 4.83% growth driven by increasing trade volumes, strategic location, and investments in infrastructure modernization, coupled with growing demand for efficient cargo handling and storage solutions.

Corporate and Other

Expected Growth: 5.83%

FTA Infrastructure Inc.'s Corporate and Other segment growth of 5.83% is driven by increasing demand for infrastructure services, strategic acquisitions, and cost savings initiatives. Additionally, the company's focus on renewable energy and sustainability projects contributes to its growth. Furthermore, the segment benefits from a strong balance sheet and effective capital allocation, enabling investments in high-growth opportunities.

Ports and Terminals - Repauno

Expected Growth: 8.37%

Repauno's 8.37% growth is driven by increasing demand for energy exports, strategic location on the Delaware River, and FTAI Infrastructure Inc.'s investments in modernization and expansion. Additionally, growing US LNG exports, rising petrochemical production, and a strong focus on safety and efficiency contribute to the segment's growth.

7. Detailed Products

Railway Infrastructure

Design, construction, and maintenance of railway tracks, bridges, and tunnels

Highway Infrastructure

Design, construction, and maintenance of highways, roads, and bridges

Airport Infrastructure

Design, construction, and maintenance of airport runways, terminals, and air traffic control systems

Seaport Infrastructure

Design, construction, and maintenance of seaport facilities, terminals, and cargo handling systems

Telecommunication Infrastructure

Design, construction, and maintenance of telecommunication networks, towers, and data centers

Energy Infrastructure

Design, construction, and maintenance of power generation, transmission, and distribution systems

8. FTAI Infrastructure Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

FTA Infrastructure Inc. has a moderate threat of substitutes due to the availability of alternative transportation modes, but the company's focus on innovative logistics solutions and strategic partnerships mitigate this threat.

Bargaining Power Of Customers

FTA Infrastructure Inc. has a low bargaining power of customers due to its strong brand reputation and diversified customer base, which reduces the dependence on individual customers.

Bargaining Power Of Suppliers

FTA Infrastructure Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers in the market, but the company's scale and negotiating power help to mitigate this threat.

Threat Of New Entrants

FTA Infrastructure Inc. has a high threat of new entrants due to the growing demand for logistics services and the relatively low barriers to entry, but the company's established brand and network effects provide a competitive advantage.

Intensity Of Rivalry

FTA Infrastructure Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry, but the company's focus on innovation and customer service helps to differentiate it from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 62.48%
Debt Cost 6.95%
Equity Weight 37.52%
Equity Cost 12.09%
WACC 8.88%
Leverage 166.53%

11. Quality Control: FTAI Infrastructure Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Steel Partners

A-Score: 6.1/10

Value: 9.3

Growth: 8.8

Quality: 7.2

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

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RCM Technologies

A-Score: 5.5/10

Value: 5.1

Growth: 8.4

Quality: 5.3

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

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A-Score: 4.5/10

Value: 7.8

Growth: 2.9

Quality: 3.6

Yield: 0.0

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A-Score: 4.4/10

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Growth: 2.3

Quality: 4.5

Yield: 10.0

Momentum: 0.0

Volatility: 2.0

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FTAI Infrastructure

A-Score: 3.5/10

Value: 7.2

Growth: 4.2

Quality: 2.4

Yield: 4.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

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NN

A-Score: 2.4/10

Value: 7.7

Growth: 1.6

Quality: 2.1

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.7$

Current Price

4.7$

Potential

-0.00%

Expected Cash-Flows